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GBP/USD already holds not only a near-term base but also an existing larger long-term base from late last year. Economists at Credit Suisse maintain a core and long-held bullish outlook for 1.4302/77 and eventually 1.49/1.51.

Cable maintains long-held and core bullish outlook

“GBP/USD maintains its near-term base above 1.4017 and with an existing major base in place from late last year we maintain our core and long-held bullish outlook for a move to our 1.4302/77 first core upside target – the 2018 highs and 38.2% retracement of the 2014/2020 bear trend.”  

“Big picture, we continue to look for an eventual move to 1.49/1.51.”

“Near-term support remains at the recent breakout point at 1.4017/06, which we look to hold above on any further setbacks.”